Elaborating on my post from yesterday, I wanted to take a closer look at some targets based on fib levels. I believe this is the final push down as an ending diagonal (falling wedge) for wave C or Y of either an ABC or WXY. I mentioned in past posts, I have been eyeing the $4700 level for months now based on macro confluence around those levels. Now that we have shorter time period data to work with, it is further confirming those levels for support. Both the fib extensions of the (c) of iv, the C of IV and 5 wave target for wave (c) all fall in around these levels. If we break $4,000, however, I feel like things could get ugly and I would have to re-evaluate my count.
I am currently short since $7300 and will be taking profit around the upcoming wave 3 target and then fully close above $4800. After that, I will start to build my long position patiently, as bottoms tend to run flat for some time as they build a base for the next big run up.
Final targets: $4850-$4650
Stop loss: $4,000
Good luck!
*THIS IS NOT TRADING NOR FINANCIAL ADVICE*
I am currently short since $7300 and will be taking profit around the upcoming wave 3 target and then fully close above $4800. After that, I will start to build my long position patiently, as bottoms tend to run flat for some time as they build a base for the next big run up.
Final targets: $4850-$4650
Stop loss: $4,000
Good luck!
*THIS IS NOT TRADING NOR FINANCIAL ADVICE*
Trade active:
Took some profit here. If this is our wave 3, then we could see much lower, however, we may have seen our two 4 already and this is our wave 5 down.
